Skip to content
Edit post

Bloomberg: Russian oil exports collapse after G7, EU sanctions.

by The Kyiv Independent news desk December 21, 2022 1:40 AM 1 min read
This audio is created with AI assistance

Support independent journalism in Ukraine. Join us in this fight.

Become a member Support us just once

Russia’s oil shipments by sea collapsed in the first week since the G7 and EU sanctions against Russian oil came into effect on Dec. 5, Bloomberg reported on Dec. 20.

Total volumes exported from the country fell by 1.86 million barrels per day, or 54% during this period, according to the publication.

Crude volumes bound for China, India, and Turkey, the three countries that have become the only significant buyers of displaced Russian supplies, plus volumes for vessels that do not yet have a final destination, decreased to an average of 2.53 million barrels per day, Bloomberg wrote.

It was the first time in the last five weeks that these volumes have declined.

“On a four-week average basis, overall seaborne exports fell by 266,000 barrels a day. Shipments to Europe have dried up almost completely, while those to Asia also slipped,” reads the report.

This drop was partially caused by repair works at a Baltic port but there was also a deficit of ship owners willing to transport key cargoes from an export facility in Asia, Bloomberg reported.

The publication added that the data should be treated with caution, as weekly exports depend on the timing of cargo planning, weather, and even the quality of signals transmitted by the ships themselves.

An EU embargo on Russian seaborne oil and a $60 per barrel price cap on Russian crude came into effect on Dec. 5.

The U.S., U.K., Canada, and Australia had banned Russian oil earlier.

Since the G7 countries, except for Japan, and the EU have banned the imports of Russian seaborne oil, the price cap is a measure intended mostly for countries outside G7 and the EU. Insurers for the global oil market will be forbidden to deal with Russian oil priced above the cap.

On Nov. 21, Bloomberg reported that Russia had already lost the vast majority of its oil market in the European Union’s northern countries even before an EU embargo on Russian oil came into effect.

News Feed

1:56 AM  (Updated: )

Trump shot at during Pennsylvania rally.

At a rally in Pennsylvania, gunshots were reportedly fired at former U.S. President Donald Trump, prompting security staff to rush him off stage.
Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
10:47 PM

Kremlin spokesman threatens Europe over decision to host US missiles.

"Our country is in the crosshairs of American missiles located in Europe. We've been through all this before," he said in an interview with Russian TV propagandist Pavel Zarubin. "We have enough potential to deter these missiles. But the capitals of these states are potential victims."
9:18 PM

Chief emergency worker among two killed in Kharkiv Oblast.

Half an hour after emergency workers arrived at the scene, Russian troops launched a second attack on the same location, Artem Kostyria, head of the State Emergency Situations Service's branch in Kharkiv Oblast, and police sergeant Oleksiy Koshchii.
5:24 PM

Russian kamikaze drone flies deep inside Belarus, whereabouts unknown.

The Belarusian Hajun monitoring group reported it had flown 250 kilometers "over Gomel and Zhlobyn, entered the Mogilev region, and then the Minsk region." It also said a Belarusian Mi-24 helicopter and Su-30 fighter jet were scrambled to intercept the drone before it "presumably flew to Vitebsk."
3:37 PM

US developing new 'extended-range' missile for Ukraine's Air Force.

The new weapon to be developed is an Extended-Range Attack Munition (ERAM), that aims to be a low-cost, quick to produce air-launched missile with a range of around 460 kilometers. The manufacture of the weapon is intended to begin no later than two years after the awarding of the contract and up to 1,000 are to be produced each year.
3:19 PM

Children's theater goes underground in Kharkiv

In the heart of Kharkiv, Kharkiv Theater for Children and Youth performs in bomb shelters under constant threats of Russian attacks. The Kyiv Independent visited one of the theater's performances in late June to meet the dedicated actors and their no less dedicated audience.
10:46 AM

Poland considers downing Russian missiles over Ukraine, FM says.

Polish Foreign Minister Radoslaw Sikorski said the problem for Warsaw is that once downed, the debris could pose a threat to Poles and the country's property. "At this stage, this is an idea. What our agreement said is we will explore this idea," he added.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.